4:15pm: Eyes on Intel
US stocks closed higher on Thursday, extending their weekly gains as investors looked ahead to a fresh read on inflation and key earnings after the bell.
The Nasdaq led the way, climbing 0.9% to 22,942, powered by a rebound in tech shares. The S&P 500 rose 0.6% to 6,738, while the Dow added 126 points, or 0.3%, to finish at 46,716. Small caps also joined the rally, with the Russell 2000 jumping 1.2%.
After the close, all eyes turned to Intel, as the struggling chipmaker’s quarterly results could offer a clearer picture of the semiconductor sector’s recovery (or lack thereof).
Looking ahead, Friday’s long-awaited September Consumer Price Index report will be a major focus. The delayed data, held up by the ongoing government shutdown, is expected to give investors a rare and much-needed update on the state of inflation.
3:50pm: Proactive news headlines
- Abacus Global Management completed a $50 million sale of securitized life insurance assets through an above investment-grade collateralized note, providing investors exposure to uncorrelated life insurance assets.
- NEXE Innovations Inc delivered over 80,000 compostable coffee pods across three new product lines to a major North American office coffee services distributor.
- Charbone Hydrogen Corporation recorded its first revenues after delivering 161,000 cubic feet of helium to a distributor in the Greater Toronto Area, marking the launch of its Helium Division.
- G Mining Ventures Corp approved full construction of its Oko West Gold Project in Guyana with an initial capital cost of US$973 million, in line with feasibility estimates.
3:25pm: Market movers
- Southwest Airlines Co shares fell over 7% after the airline beat Q3 earnings expectations but warned that the U.S. government shutdown could hurt Q4 sales.
- IonQ (NYSE:IONQ), Rigetti Computing (NASDAQ:RGTI), and D-Wave Quantum (NYSE:QBTS) are reportedly in talks with the Trump administration about potential equity-for-funding deals to advance quantum computing initiatives.
- Super Micro Computer Inc (NASDAQ:SMCI) shares dropped more than 7% after the company reported preliminary Q1 revenue below guidance due to revenue shifts tied to design win upgrades.
- American Airlines Group Inc (NASDAQ:AAL, ETR:A1G) shares gained 4.5% as the airline delivered strong Q3 results and issued upbeat Q4 EPS guidance well above Wall Street estimates.
2:25pm: CPI preview
Bank of America expects US inflation to have remained largely unchanged in September, with both headline and core CPI forecast to rise 0.3% month-over-month and hold steady at 3.0% and 3.1% year-over-year, respectively.
The bank sees tariffs continuing to drive goods price inflation, projecting core goods up 0.1% m/m, though excluding used cars the increase could be 0.2%. Core services inflation is expected to ease slightly to 0.3% from 0.4% in recent months, but at about 3.5% y/y it remains too high for the Fed’s comfort.
Bank of America also estimates that core PCE inflation likely rose 0.22% in September, leaving the annual rate at 2.9%, suggesting little progress toward the Fed’s 2% target.
1:30pm: Markets hanging on
Stocks edged higher Thursday, with the tech-heavy Nasdaq leading the charge, as oil prices jumped following fresh US sanctions on Russia and investors digested another round of quarterly results. The Nasdaq rose 0.7%, the S&P 500 gained 0.4%, and the Dow Jones ticked up 0.1%.
Tesla shares pared earlier losses, slipping 1% after mixed Q3 results kicked off the “Magnificent Seven” earnings cycle, while IBM dropped about 3%, as stronger profits couldn’t offset soft software revenue that fell short of expectations.
11:50am: Existing home sales tick up
Existing home sales rose 1.5% in September to an annualized pace of 4.06 million, marking the highest level since February, according to Wells Fargo.
The gain comes as mortgage rates fell from 6.56% in late August to around 6.30% in September and October, boosting mortgage applications 7.7% in September.
Analysts say lower rates may support further home sales, though with rates expected to stay between 6.2% and 6.4% over the next two years, any housing market rebound could remain modest.
11:10am: Oil jumps
US crude oil futures jumped above $61 a barrel on Thursday after Washington imposed sweeping sanctions on Russia’s top oil producers, Rosneft and Lukoil, triggering concerns about potential market turbulence.
Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advisory organizations, said the coordinated Western action could trigger volatility across asset classes.
“These sanctions hit the core of Russia’s economy — energy exports — and markets are responding instantly,” Green said. “When a major global supplier faces restrictions, price and supply dynamics shift overnight. We expect a period of short-term turbulence across oil, equities, and currencies as some investors reposition.”
Green added that the sanctions could complicate central banks’ efforts to reduce interest rates, as energy prices move higher and inflationary pressures revive.
From a technical perspective, Ipek Ozkardeskaya, senior analyst at Swissquote, noted that oil prices may face short-term resistance near $62–62.50 per barrel, while medium-term fundamentals remain bearish amid uncertain global demand and ample supply.
“Upcoming Fed rate cuts and a softer US dollar should help establish a floor under oil prices,” Ozkardeskaya said. “But speculative long positions are retreating, and any recovery is likely to remain short-lived, with a medium-term bias below $65.”
10:26am: Tesla in the red
Tesla shares were under pressure on Thursday morning, down 3.3% after the electric vehicle company posting an earnings miss.
However, analyst Dan Ives, a notable Tesla bull, highlighted continued revenue momentum and accelerating progress across its self-driving and energy segments.
In his commentary, Ives gave commentary on a set of numbers that saw Tesla post third-quarter revenues of $28.1 billion, well ahead of the Street’s $26.3 billion consensus forecast, with strong demand seen in EMEA and Asia, which helped offset the minor earnings miss.
Tesla's most recently reported three months represent "a good quarter while laying the autonomous path,” Ives noted.
9:55am: Airline earnings lift mood
Markets opened higher on Thursday, with Wall Street finding some early momentum thanks to upbeat corporate earnings and a dash of optimism on the US-China trade front.
The Dow rose about 120 points, or 0.3%, while the S&P 500 added 0.4% and the Nasdaq climbed 0.5%. The Russell 2000 small-cap index was up 0.3%.
American Airlines (AAL) shares took flight after the carrier’s fourth-quarter earnings guidance came in ahead of expectations, lifting travel stocks across the board. On the flip side, T-Mobile (TMUS) slipped even as the telecom giant reported stronger-than-expected subscriber growth, a sign investors were perhaps hoping for even more.
Eyes are now turning to Intel (INTC), which reports results after the closing bell. The struggling chipmaker’s update will be closely watched for signs of progress in its turnaround efforts.
Adding to the mix, China confirmed it will hold trade talks with US officials on Friday, and President Trump said a long-awaited meeting with Chinese President Xi is now “scheduled.” The news offered a measure of calm to markets rattled by recent geopolitical tensions.
Meanwhile, quantum computing stocks were on fire after reports that the Trump administration is considering taking equity stakes in several firms as part of a new technology initiative. Shares of Rigetti Computing jumped 6.1%, Quantum Computing Inc. rose 6.7%, and D-Wave Quantum surged 15.4% in early trading.
8:45am: Futures tread water
US stock futures were treading water early Thursday as investors digested a mixed bag of corporate earnings, fresh sanctions on Russian oil, and a continued tug-of-war between growth hopes and macro worries.
Futures on the Dow Jones Industrial Average and S&P 500 were hovering near the flat line, while Nasdaq 100 contracts were also little changed following Wednesday’s selloff.
Tesla was down about 4% in premarket trading after the EV maker struck a cautious tone, warning of “near-term uncertainty.” Still, CEO Elon Musk tried to inject optimism, pointing to progress on AI, its robotaxi project, and even a future in which its Optimus humanoid robot could perform surgery. Musk also used the earnings call to press investors to back his proposed $1 trillion compensation package.
IBM shares slipped as concerns lingered over slowing software growth, while results from Intel and Ford are due after the close. Molina Healthcare fell after cutting full-year guidance, citing weaker-than-expected marketplace sales.
In a surprise twist, quantum computing stocks surged after a Wall Street Journal report said the Trump administration is in talks with firms in the space about potential federal investments in exchange for equity stakes.
Meanwhile, oil prices jumped, with WTI crude climbing above $60 a barrel after the US imposed new sanctions on Russia’s top oil producers and their subsidiaries. Treasury Secretary Scott Bessent said the measures are meant to “degrade” President Vladimir Putin’s war chest, urging allies to follow suit. President Trump called the sanctions “tremendous,” while Ukrainian President Volodymyr Zelenskyy said his country had “waited for this moment.”
On the data front, existing-home sales for September arrive at 10 am ET, followed shortly by remarks from Fed Governor Michael Barr.
In the bigger picture, markets remain in a state of uneasy balance. As Ipek Ozkardeskaya, senior analyst at Swissquote, put it: “The stock market’s performance doesn’t fully reflect the underlying US economy. Growth remains heavily supported by massive AI investment, while the labour market is weakening. Things could get worse before they improve.”
Ozkardeskaya added that a looming government shutdown, which is now on track to become the second longest in history, could push the Fed closer to stepping in, assuming inflation doesn’t reheat. Traders, meanwhile, are betting on two rate cuts over the next two policy meetings, a setup that’s keeping risk appetite alive for now.